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Palestine Electric earns pretax income of $8.37 million in the year of 2011

2012-02-13

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Palestine Electric Company ( PEC). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.

The disclosed information includes:          

1) A copy of the year-end preliminary financial statements signed by the CEO and CFO of the company. The disclosed information includes: The Balance Sheet, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements ( 19 notes).

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it include: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2011 compared with the audited results of 2010.

3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector.

4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2011, net profit before taxes reached 8,374,034 USD, compared with a net profit before taxes of 6,782,383 USD in the audited data for 2010, a net increase of 23.5%. Total assets of the company reached 116,669,881 USD as of December 31st, 2011, compared to total assets of 124,550,594 USD as of December 31^st, 2010, a net decrease of 6.3%. Total liabilities of the company reached 38,527,070 USD as of December 31st, 2011, compared to total liabilities of 48,781,817 USD as of December 31^st, 2010, a net decrease of 21.0%. Net ownership equity of the company reached 78,142,811 USD as of December 31st, 2011, compared with a net ownership equity of 75,768,777 USD as of December 31^st, 2010, a net increase of 3.1%.